Online purchasing system supporting sellers with affordability screening

ABSTRACT

An online system uses, in various embodiments of the invention, credit report information, loan affordability screening and credit approval and management functionality to facilitate the purchase and finance of products online. The online system may include both sellers of products and lenders that offer financing to buyers seeking to purchase the products. The system may automatically obtain a buyer&#39;s credit report information and use that information to determine if the buyer is pre-approved, for example, to obtain financing for a particular product or products. The system also enables use of buyer credit information to identify only those of a seller&#39;s products for which the buyer is pre-approved, for example, to finance using one or more loans. The system then enables selection of an identified product or products for purchase, and selection of a loan, for example, for financing of the selected product or products. Credit approval (or pre-approval) may be performed automatically, and along with credit processing, may be performed completely online.

CROSS-REFERENCE TO RELATED APPLICATIONS

The present application is a continuation of Ser. No. 09/808,723 filedMar. 14, 2001, which makes reference to, and claims priority to and thebenefit of, U.S. provisional application Ser. No. 60/190,825 filed Mar.21, 2000, Ser. No. 60/214,183 filed Jun. 26, 2000, and Ser. No.60/214,188 filed Jun. 26, 2000.

INCORPORATION BY REFERENCE

U.S. provisional application Ser. No. 60/190,825 filed Mar. 21, 2000,Ser. No. 60/214,183 filed Jun. 26, 2000, Ser. No. 60/214,136 filed Jun.26, 2000, Ser. No. 60/213,912 filed Jun. 26, 2000, and Ser. No.60/214,188 filed Jun. 26, 2000, Ser. No. 09/808,723 filed Mar. 14, 2001,are all hereby incorporated by reference herein in their entirety.

STATEMENT REGARDING FEDERALLY SPONSORED RESEARCH

N/A

BACKGROUND

1. Technical Field

The present invention relates generally to an online purchasing system;and, more particularly, it relates to an online affordability-basedpurchasing system that is operable to perform screening, filtering, andanalysis for purchases and potential purchases among various lenders andsellers of good(s) and/or service(s).

2. Related Art

Conventional loan approval methods are time-consuming and often involvea considerable amount of wasted effort on the part of buyers, sellersand lenders alike. Typically, when a buyer desires to finance apurchase, the buyer initially spends a significant amount of timeresearching and analyzing various products, often with the assistance ofa seller, before selecting a desired product. The buyer then typicallyspends additional time researching and analyzing various loans of one ormore lenders, again often with the assistance of a seller, beforeselecting a desired loan. The buyer provides the lender or seller withextensive personal financial information, which the lender or selleruses to calculate whether or not the buyer is qualified to finance theselected product with the selected loan.

If the buyer is not qualified, as is often the case, the buyer mustselect a different product, a different loan, or both, requiring thatthe entire time-consuming process be repeated. In many cases, the buyerand the lender or seller undertake several iterations of the processbefore achieving loan approval.

In addition, once loan approval is finally achieved using conventionalmethods, the seller is not able to upsell without having to start over.In other words, if a seller desires to sell upgrades for a selectedproduct or a more expensive product, the buyer and seller must againundertake the entire time-consuming loan approval process before knowingwhether the buyer qualifies to finance the upgrades or the moreexpensive product.

Conventional loan approval methods are also rigid, requiring that thesame steps be performed regardless of the type of product the buyerseeks to finance. Such methods do not permit the seller or lender tomodify loan approval processing, or perform different processingaltogether, depending on the type of product sought to be financed.

Obtaining loan approval using conventional methods is also verylabor-intensive. This is particularly true in situations where theseller is assisting the buyer in the loan approval process withoutlender involvement. Ordinarily in such situations, sellers associatewith one or more lenders, and obtain loan parameters from each lender.The seller uses these parameters in calculating, often manually using anadding machine or calculator, to determine whether or not the buyerqualifies for a particular loan. Lenders modify their parametersregularly, forcing the seller to keep track of all modifications. Insome instances, a seller approves a buyer for a particular loan, only tofind out later that the parameters used for approval are no longervalid. The seller must then recalculate whether or not the buyer isapproved using modified parameters, and if not, select a differentlender and/or loan, or have the buyer select a different productentirely, to ultimately achieve loan approval. The process istime-consuming and often frustrating for both the seller and the buyer.

Also, in such situations where a seller is assisting a buyer in the loanapproval process without lender involvement, the buyer is oftenunknowingly placed in an adverse financial position relative to theseller. Specifically, a seller typically receives a percentage of thefinancial amount (i.e., points) for originating a loan with a lender. Asmentioned above, a seller usually associates with multiple lenders, andwill attempt to “sell” to the buyer a loan that provides the seller withthe greatest amount of points, regardless of whether the interest rateor other parameters of the loan are the best available to the buyer.Conventional loan approval methods do not provide financial incentive tothe seller to identify and present loans most favorable to the buyer.

Conventional online loan platforms also suffer from similar problems.For example, such platforms typically provide a buyer with a creditapplication that, upon completion and submission by the buyer, isforwarded to a lender or lenders. The application is not processed inreal time, but instead is placed in queue where it is eventuallyprocessed by a loan officer, often several hours to several days later.The buyer must wait for a response from each lender, and is notpermitted to ascertain the effect that varying loan parameters may haveon the amount the buyer is qualified to finance. If a buyer desires tomodify the down payment amount or the loan term, the buyer must startall over again by completing and submitting another application. Thedelay inherent in such online platforms often causes buyers to simplywalk away from the purchase.

Even those conventional online loan platforms that claim to offer“automated loan processing” still typically only provide a buyer withmeans for automated data entry. These platforms still typically requireparticipation by a loan officer, and still take several hours to severaldays for loan approval.

Further limitations and disadvantages of conventional and traditionalsystems will become apparent to one of skill in the art throughcomparison of such systems with the present invention as set forth inthe remainder of the present application with reference to the drawings.

SUMMARY OF THE INVENTION

Aspects of the present invention may be found in an onlineaffordability-based purchasing system that comprises a first web serverused by an individual, such as a buyer, seller or lender, for example,to review, via a computer running browser software, product informationregarding products being offered online. The first web server may bethat used by a single seller's sales site or by a single lender'ssystem, or may be that of a third party multi-seller sales system ormulti-lender system, for example. The computer enables the individual toenter personal information about a buyer, and upon request, to obtainfinancing parameter information regarding one or more financing vehicles(such as, for example, loans, revolving credit, leases, etc.). Thefinancing parameter information, and all or a portion of the personalinformation, is then used to identify one or more products the buyer isat least likely to be approved to purchase using one or more of thefinancing vehicles.

In one embodiment, the individual enters the buyer's personalinformation and makes the request via a web page (or pages) interfacethat is delivered by the first web server, or a second web server, tothe computer. The second web server may be that of a third partyaffordability portal, for example. A software engine, which may beassociated with any of the web servers or the computer, determines atleast the likelihood of the buyer being approved for purchasing one ormore products using one or more financing vehicles. The computer maythen display an indication to the individual of such likelihood.

In one embodiment, the indication may be a list of products and one ormore financing vehicles associated with each product, which indicatesthat the buyer is at least pre-approved to purchase each product usingthe associated financing vehicle. In an embodiment where the softwareengine is associated with one of the web servers, the indication may bedelivered to the computer via a web page or pages. The computer may thenrespond to input via the web page or pages to initiate purchase of oneor more of the products using financing. For example, the individual canselect a desired financing vehicle, and initiate purchase of a productusing the selected financing vehicle.

Other aspects, advantages and novel features of the present inventionwill become apparent from the following detailed description of theinvention when considered in conjunction with the accompanying drawings.

BRIEF DESCRIPTION OF THE DRAWINGS

A better understanding of the present invention can be obtained when thefollowing detailed description of various exemplary embodiments areconsidered in conjunction with the following drawings.

FIG. 1 is a system diagram illustrating an online, affordability-basedpurchasing system in accordance with the present invention.

FIG. 2 is a flow diagram illustrating exemplary operational flow of theonline, affordability-based purchasing system of FIG. 1.

FIG. 3 is a functional diagram illustrating the interaction of variouscomponents of the online, affordability-based purchasing system of FIGS.1 and 2.

FIG. 4 is a system diagram illustrating another embodiment of theonline, affordability-based purchasing system of FIG. 1.

FIG. 5 is a system diagram illustrating a further embodiment of theonline, affordability-based purchasing system of FIG. 1.

FIG. 6 is a system diagram illustrating an embodiment of a loanorigination and acquisition system in accordance with the presentinvention, which may be a stand alone system or incorporated into theonline, affordability-based purchasing system of the present invention.

FIG. 7 is a system diagram illustrating yet another embodiment of theonline affordability-based purchasing system of FIG. 1.

FIG. 8 is a system diagram illustrating a still further embodiment ofthe online, affordability-based purchasing system of FIG. 1.

FIG. 9 is a system diagram illustrating another embodiment of theonline, affordability-based purchasing system of FIG. 1 that utilizes anaffordability portal.

FIG. 10 is a functional block diagram illustrating one embodiment ofonline, affordability-based filtering performed in accordance with thepresent invention.

FIG. 11 is a functional block diagram illustrating another embodiment ofonline, affordability-based filtering performed in accordance with thepresent invention.

FIG. 12 is a block diagram illustrating exemplary operation of oneembodiment of an online, affordability-based purchasing system built inaccordance with the present invention.

FIG. 13 is a flow diagram illustrating various functionality of theonline, affordability-based system of FIG. 12, as used by a sales agentupon a buyer's visit.

DETAILED DESCRIPTION OF THE INVENTION

FIG. 1 is a system diagram illustrating an online, affordability-basedpurchasing system 110 in accordance with the present invention. Theonline affordability-based purchasing system 110 enables a buyer toperuse a number of available good(s) and/or service(s) (“product(s)”) todetermine which of the products the buyer would like to purchase. Withinthe context of the detailed description of the invention containedherein, reference to a buyer also includes a potential buyer, as well asa buyer/potential buyer who is invoking the system to determine theavailability of products for purchase or potential purchase. The online,affordability-based purchasing system 110 also enables a buyer to obtainfinancing for those products the buyer desires to purchase on credit.Within the context of the detailed description of the inventioncontained herein, reference to a loan, financing or credit also includeslease.

The online, affordability-based purchasing system 110 may include, amongother components, a buyer interface (I/F) 120 that is operative toenable a buyer to interface with a lender 1 160 and a seller 1 170. Thelender 1 160 contains a number of loan profiles illustrated by, forexample, a loan profile A 162, a loan profile B 164, and a loan profileN 169. In addition, multiple lenders are included within the scope andspirit of the invention as illustrated in the FIG. 1, each containing anumber of loan profiles in similar fashion to the lender 1 160. Thebuyer interface (I/F) 120 is operable to interface with each of theselenders as well.

Similarly, the seller 1 170 offers a number of good(s) and/or service(s)illustrated by, for example, a good(s) and/or service(s) A 172, agood(s) and/or service(s) B 174, and a good(s) and/or service(s) N 179.In addition, multiple sellers are included within the scope and spiritof the invention as illustrated in the FIG. 1, each containing a numberof good(s) and/or service(s) in similar fashion to the seller 1 170. Thebuyer interface (I/F) 120 is operable to interface with each of thesesellers as well.

The online, affordability-based purchasing system 110 includes, forexample, a selection screening component 130, a credit analysis engine140 and loan affordability filtering component 150. The selectionscreening component 130 enables a buyer to select desired products foranalysis or purchase as well select desired loans. A buyer, via thebuyer interface (IF) 120, provides buyer information to the creditanalysis engine 140. The credit analysis engine 140 uses the buyerinformation, loan profile or parameter information of one or morelenders, and buyer credit information to determine the specificproduct(s) the buyer can afford to finance. The loan affordabilityfiltering screening component 150 then indicates to the buyer thosespecific product(s) and the specific loan(s) that can be used to financethose product(s).

The loan profile or parameter information used by the credit analysisengine 140 may or may not require that the specific product(s) ofinterest and/or the seller(s) of those product(s) be considered inaffordability calculations. For example, for loans that apply to allproduct(s) and seller(s), the credit analysis engine 140 simplycalculates a maximum loan amount that the buyer can afford for eachparticular loan of each lender, without considering the specificproduct(s) of interest and/or the seller(s) of those product(s). Thecalculated maximum loan amount for each loan is then beat against theproducts of interest, and the specific product(s) that the buyer canafford to finance are identified or selected. The identified product(s),and the loan(s) applicable to each, are then displayed.

Some loan profiles may, however, require that the product(s) and/or theseller(s) be considered. In other words, a loan may only apply to aparticular product, to a particular model of a product and/or to aparticular seller. For example, in the case where the product ofinterest is an automobile or other vehicle, a lender may only offer acertain interest rate (e.g., 2.9%) for a specific manufacturer's model(e.g., Ford Explorer). Alternatively, a lender may only offer loans forspecific manufacturer's products, because, for example, those productstypically have a higher residual or resale value. Or a lender may onlyfinance a certain type of product, such as an automobile or home, forexample. In any case, the credit analysis engine 140 is “smart” in thatit uses this type of limiting information in calculating affordability.

Specifically, the credit analysis engine 140 is operable to beat thevarious loan profiles, for example, the loan profile A 162, the loanprofile B 164, up to the loan profile N 169 of FIG. 1, against theavailable good(s) and/or service(s), for example, the good(s) and/orservice(s) A 172, the good(s) and/or service(s) B 174, up to the good(s)and/or service(s) N 179 of FIG. 1, to identify or select those good(s)and/or service(s) that a buyer is qualified to finance. Only thosegood(s) and/or service(s) that a buyer is qualified to finance are thendisplayed to the buyer. Alternatively, all of the good(s) and/orservice(s) selected by the buyer are displayed, and those good(s) and/orservice(s) for which the buyer does not qualify for financing areindicated as such upon display.

In any case, the buyer may select a product and an associated loan usingthe selection screening component 130 and close the deal. As discussedmore completely below, the buyer may also use the selection screeningcomponent 130 prior to the credit analysis and affordabilityfunctionality to pre-select only a portion of all the availableproducts. Only these pre-selected products are then used in theaffordability analysis.

The online, affordability-based purchasing system 110 may also be usedto provide credit advice to a buyer. For example, the online,affordability-based purchasing system 110 may be implemented to enablethe buyer to better manage the buyer's own finances so that the buyermay maximize his/her affordability-based financing. In one instance, forexample, the credit analysis engine 140 may identify that if a buyerchanges certain financial variables, such as, for example, reducinghis/her revolving debt by a certain amount, increasing the down paymentbeing offered by a certain amount, and/or modifying the loan term, thebuyer would then qualify to finance more expensive or a greater numberof product(s), or qualify for a greater number of loans. The creditanalysis engine 140 may then cause all or a portion of this informationto be displayed to the buyer to enable the buyer to modify the buyer'spersonal financial variables, if desired.

Of course, it should be understood that the functionality of the creditanalysis engine 140 and the affordability filtering component 150 may beincorporated into a single engine or component.

FIG. 2 is a flow diagram illustrating exemplary operational flow of theonline, affordability-based purchasing system of FIG. 1. The system isoperable for a buyer to first enter an online sales system(s) 210. Inchoosing a path 254, the buyer elects loan affordability filtering 230based on all available good(s) and/or service(s) 212 that are offeredwithin the system. The loan affordability filtering 230 determines thoseaffordable good(s) and/or service(s) 232 from all available good(s)and/or service(s) 212. The buyer is provided with only those good(s)and/or service(s) that the buyer can afford with or without financing.In other words, the system performs loan affordability filtering anddisplays only those good(s) and/or service(s) for which the buyer canqualify for financing, and/or good(s) and/or service(s) that the buyermay purchase outright without financing. Then, following a path 258, thebuyer selects the desired goods and/or service(s) 222 usingpost-selection screening 220. Finally, following a path 259, the buyerpurchases the selected, affordable good(s) and/or service(s), asindicated at loan based good(s) and/or service(s) purchase 240. Thesequence via the paths 254, 258, and 259 represents one embodiment ofthe operational flow of the invention that provides for no pre-selectionof good(s) and/or service(s).

Alternatively, the buyer enters the online sales system(s) 210 and,following a path 252, elects to perform pre-selection screening 220. Thebuyer pre-selects certain good(s) and/or service(s) from all availablegood(s) and/or service(s) 212 that are offered within the system. Thebuyer may then purchase the pre-selected goods via the loan basedgood(s) and/or service(s) purchase 240 if the buyer already hasfinancing for the purchase. Alternatively, following a path 256, thebuyer may elect loan affordability filtering 230, which selects anddisplays only those of the pre-selected good(s) and/or service(s) 222that the buyer can afford to finance. The buyer may then select one ofthe affordable good(s) and/or service(s) 232, and purchase, followingpath 259, the selected good(s) and/or service(s).

As can be seen, the selection screening 220 may be performed by thebuyer either before and/or after performing the loan affordabilityfiltering 230. In addition, loan affordability filtering may beperformed a number of times before a buyer selects goods for purchase.For example, after loan affordability is performed once, a buyer may usepost-selection screening to select a subset of affordable products, andthen may decide to modify certain financial variables, such as downpayment or loan term, and then perform loan affordability filteringagain to see which of the subset of affordable products the buyer canstill afford. This process may be repeated as desired by the buyer.

As mentioned above, in one embodiment, loan affordability filteringpermits display of only those good(s) and/or service(s) that the buyeris qualified to finance. In another embodiment, loan affordabilityfiltering permits displays of all selected good(s) and/or service(s),but indicates to the buyer those that the buyer is not qualified tofinance. For example, those good(s) and/or service(s) for whichfinancing cannot be secured may be highlighted or printed in apre-determined color, such as red, for example. Those good(s) and/orservice(s) for which the buyer is qualified to finance may similarly behighlighted or printed in another pre-determined color, such as green,for example. In addition, a third category may also be used.Specifically, for example, “borderline” good(s) and/or service(s) may behighlighted or printed in a third pre-determined color, such as yellow,for example. A third category as such may represent those good(s) and/orservice(s) that the buyer could potentially finance if the buyer were tochange one or more loan parameters, such as, for example, increasing thebuyer's down payment or reducing a certain amount of the buyer'spre-existing debt. In any case, any number of ways to indicate loanaffordability filtering results are possible, and are included withinthe scope of the invention.

FIG. 3 is a functional diagram illustrating the interaction of variouscomponents of the online, affordability-based purchasing system of FIGS.1 and 2. The online, affordability-based purchasing system includesclient browser software (S/W) 310 that is used by a client, such as abuyer, lender or seller, for example, to interact with the othercomponents or the system. For example, using the client browser software(S/W) 310, a client may interact with catalog/sales inventory serversoftware (S/W) 320 to access what good(s) and/or service(s) areavailable from any number of providers of good(s) and/or service(s) inaccordance with any of the various embodiments of the invention.Similarly, a client may interact with loan acquisition software (S/W)360 and loan origination server software (S/W) 380 to perform loanacquisition and loan origination, respectively.

The system also includes a loan approval engine 330 that determineswhether the buyer qualifies for financing to assist in any purchase, andin the event the buyer does qualify for financing, determines the amountand degree of financing for which the buyer is qualified. To performthese determinations, the loan approval engine 330 uses, among otherthings, multiple loan profiles 340 and a lender's loan database (dB)350. The loan approval engine 330 is operable to perform loan approvalanalysis for the buyer on a good and/or service basis.

In addition, the loan approval engine 330 is operable to perform loanapproval analysis for a buyer on a category basis. More particularly,various categories of products typically have different qualificationsstandards. For example, different parameters are considered to qualify abuyer for a home purchase, as compared to those considered to qualify abuyer for an automobile purchase, as compared to those considered toqualify a buyer for a consumer product purchase, and so on. The loanapproval engine 330 is capable of performing different analyses as afunction of the specific purchase for which financing is being soughtand on a category basis.

The multiple loan profiles 340 correspond to the different loan profilesprovided by various lenders, some or all of which are contained withinthe lender's loan database (dB) 350. In one embodiment, the multipleloan profiles 340 and the loan approval engine 330 are co-located. Inanother embodiment, they are located in different locations.

As mentioned above, to originate a loan using traditional approaches, aloan approval officer or seller must execute a large amount of paperworkand verify certain buyer related parameters (such as, for example, theemployment of a buyer who seeks the loan) before the loan can beapproved for that buyer. The loan origination server software (S/W) 380is operative, in conjunction with the loan approval engine 330, themultiple loan profiles 340, and the lender's loan database (dB) 350, toperform automated loan approval. The loan origination server software380 performs all of the processing and paperwork that is required toperform loan approval, and may also include buyer signature capturefunctionality. The automated system enables loan origination without theassistance of a loan approval officer, and enables an employee havinglower qualifications to assist a buyer in interfacing with the system tosecure financing for a purchase. In fact, the loan origination serversoftware (S/W) 380 is operable to perform automated loan originationwithout the necessity of any employee whatsoever. In other words, abuyer may perform loan origination on his/her own, subject, of course,to verification by the lender/seller of information provided by thebuyer.

As mentioned above, lenders may use the loan acquisition software 360 toanalyze and purchase desirable loans. The loan origination acquisitionsoftware (S/W) 360 is further operable to transfer loans that a lendersells to the purchasing institutions.

The system also includes an electronic funds transfer (EFT)/paymentmanager 370 that is operable to coordinate with the buyer to repay aloan that is originated within the system through EFT from a buyer'saccount at a financial institution.

If desired, the system also provides a credit reporting function 390that uses a credit database (dB) 392 and a credit rating engine 394.These components are used in performing credit analysis, as describedabove. These components may also be implemented to perform anonymouscredit reporting for the buyer. A buyer has the option of determining ifhe/she is qualified for a loan, and in the event the buyer is notqualified, the system does not issue a negative credit report (arejection) against the buyer's credit record.

FIG. 4 is a system diagram illustrating another embodiment of theonline, affordability-based purchasing system of FIG. 1. Multi-lenderloan (pre)approval software (S/W) 410, lender's software (S/W) 420,credit reporting software (S/W) 430, non-integrated single seller salessoftware (S/W) 440, multi-sales portal software (S/W) 450, andintegrated single seller sales software (S/W) 470 all interconnect tothe internet 499. A buyer can access all of the softwares (S/Ws) 410,420, 430, 440, 450, and 470 using a buyer's browser/user interface (I/F)460.

The multi-lender loan (pre)approval software (S/W) 410 itself maycontain, among other components, multiple lender profiles 412, a loanapproval engine 414, and a loan origination interface (I/F) 416. Themulti-lender loan (pre)approval software (S/W) 410 is contained on aserver connected to the Internet 499, in one embodiment of theinvention. The multiple lender profiles 412 correspond to various loanproviders who are integrated into the system. The loan approval engine414 uses the multiple lender profiles 412 to perform pre-approval of abuyer's loan request for any of the multiple lenders who are integratedinto the system. In one embodiment of the invention, the loanorigination interface (I/F) 416 enables a buyer, lender or seller topre-approve the buyer for loans of any lenders within the system.

The lender's software (S/W) 420 may contain, among other components, alender's browser/user interface (I/F) 422, loan origination software(S/W) 424, and a lender's approval engine 426, in one embodiment of theinvention. A lender's browser/user interface (I/F) 422 enables a lenderto access, via the Internet 499, any of the other functionality withinthe system. If desired, the loan origination software (S/W) 424 and thelender's approval engine 426 may not be contained within the lender'ssoftware (S/W) 420. Parallel loan approval engines may also be includedin various embodiments of the invention, as shown by the loan approvalengine 414 and the lender's loan approval engine 426. If desired, thelender's software (S/W) 420 is operable to invoke the loan approvalengine 414 via the Internet 499 when the lender's loan approval engine426 is not contained within the lender's software (S/W) 420. Also, theloan origination interface (I/F) 416 and the loan origination software(S/W) 424 are operable in a parallel and cooperative manner as well, inthat the loan origination interface (I/F) 416 may utilize the loanorigination software (S/W) 424.

The credit reporting software (S/W) 430 may contain, among othercomponents, a credit reporting database (dB) 432 and a credit ratingsystem engine 434, in one embodiment of the invention. Alternatively,the credit rating system engine 434 may be located within othercomponents in the system. For example, the functionality provided by thecredit rating system engine 434 may be performed using one or both ofthe loan approval engine 414 and the lender's loan approval engine 426when the credit rating system engine 434 is not included within thecredit reporting software (S/W) 430.

The multi-seller sales portal 450 employs an affordability interface(I/F) 452 and a multi-seller interface (I/F) 454 to allow the buyerusing the system to interact with other components within the system.The multi-seller sales portal 450 also allows any seller within thesystem to access other components within the system. For example, aseller within the system determines whether or not a buyer solicitingthe seller qualifies for certain financing as provided by any lenderparticipating within the system for any of the good(s) and/or service(s)offered by the seller.

The non-integrated single seller sales software (S/W) 440 may contain,among other things, a catalog and sales support function 442. Thenon-integrated single seller sales software (S/W) 440 is operable toperform framing on non-integrated single sellers as requested by a buyerusing the system. For example, framing allows one web page to “frame”the contents of another web page. If desired, the non-integrated singleseller sales software (S/W) 440 surrounds the framed web page with otherinformation as desired by the various other functional blocks within thesystem. For example, a seller frames his own information such as theinventory of his own good(s) and/or service(s) using the non-integratedsingle seller sales software (S/W) 440. The framing performed inaccordance with the present invention may be either dumb or intelligent.Intelligent framing extracts information from the non-integrated singleseller sales web site and processes that information, while the dumbframing simply displays the information from the non-integrated singleseller sales web site.

The integrated single seller sales software (S/W) 470 may contain, amongother things, a catalog and sales support function 472, an integratedaffordability interface (I/F) 474, and a seller's browser/user interface(I/F) 476. The catalog and sales support function 472 enables theintegrated single seller to provide to a potential buyer access to allof the good(s) and/or service(s) within his inventory to a potentialbuyer. The integrated affordability interface (I/F) 474 allows a user ofthe system to perform affordability analysis for one or all of theintegrated sellers coupled to the system. The seller's browser/userinterface (I/F) 476 enables, like many of the other browser/userinterfaces within the various embodiments of the invention, individualsellers or buyers can access via the internet all of the functionalityprovided by the various components within the system.

In the system of FIG. 4, a buyer may use the buyer's browser to accessthe multi-seller sales portal software 450. The buyer may then use themulti-seller interface 454 to view various products of multiple sellers,including integrated (i.e., participating) sellers, such as thatrepresented by the integrated single seller sales software 470, andnon-integrated (i.e., non-participating) sellers, such as thatrepresented by the non-integrated single seller sales software 440. Inthe former case, the buyer is able to view products that are within theinventories of the sellers and are available for purchase. In thelatter, the buyer is only able to view products that are listed on thesellers' website, which products may or may not be available forpurchase, depending upon how up to date the sellers' websites arerelative to their actual inventories.

In either case, the seller may then perform affordability analysis viathe affordability interface 452 for all or a selected portion of theproducts, as mentioned above. In this situation, the multi-seller salesportal 450 may access, via the loan origination interface 416, themulti-lender loan (pre)approval software 410 to perform the analysiswith multiple loans. The loan approval engine 414 uses the lenderprofiles 412, information provided by the buyer, and the creditreporting software 430 to determine the loans that are applicable forthe selected product(s). Specifically, the loan approval engine 414accesses the credit reporting software 430, which may be that of a thirdparty credit agency, to obtain buyer credit information from the creditreporting database 432. Alternatively, the credit approval engine 414simply obtains a credit rating for the buyer calculated by the creditrating system engine 434. In either case, the loan approval engine 414uses the information obtained, as well as information provided by thebuyer and the lender profiles 412, to determine whether the buyerqualifies to purchase the selected product for each of the multiplelenders' loans, as discussed above.

In another embodiment, the multi-lender loan (pre)approval software 410accesses the systems of multiple lenders, which systems themselvesperform the loan approval. For example, the lender's software 420 mayperform such an analysis using the lender's loan approval engine 426,similarly as discussed above. In either case, the results of theanalysis are communicated for display to the buyer.

Of course, the functionality of the multi-seller sales portal software450 and that of the multi-lender loan (pre)approval software 410 may beincorporated into a single component within the system.

The multi-seller sales portal 450 may instead (or additionally), at thebuyer's request, for example, access a single lender, such as thatrepresented by the lender's software 420, to perform the analysis withthe loan(s) of a single lender. In this situation, loan approval may beperformed, similarly as discussed above, by the lender's system, such asthat represented by the lender's software 420. The lender uses itscurrent loan profiles, information provided by the buyer, andinformation obtained from the credit reporting software 430, asdiscussed above, to determine loan approval. Again, the information iscommunicated for display to the buyer.

At this point, the buyer may select a product and a loan, and completethe purchase via the buyer's browser/user interface 460. For example, ifthe buyer selects a loan via the multi-lender loan (pre)approvalsoftware 410, the loan origination interface 416 accesses loanorigination software of the selected lender, such as the loanorigination software 424. The loan origination software 424 provides tothe buyer for completion via the buyer's browser/user interface 460, allthe necessary financing forms, etc., and even provides for buyersignature capture. Thus, using the system of FIG. 4, a buyer cancomplete a financed purchase without the assistance of a seller orlender, subject to confirmation of the financial information provided bythe buyer.

Alternatively, after the buyer performs affordability analysis on thebuyer's browser/user interface 460, the buyer may suspend thetransaction session, and proceed to a seller or sellers to viewproduct(s) of interest. The system saves the buyer's profile informationand affordability analysis results, so that the buyer may have a sellersimply pull up the information on the seller's browser, such as theseller's browser/user interface 476, to view and discuss product(s) orloan(s) of interest, a specific product or loan pre-selected by thebuyer via the buyer's browser/user interface 460, or even the productsof another seller. The buyer may then, with the assistance of the sellervia the seller's browser/user interface 476, select a product(s) forpurchase and a loan(s) (or confirm previous selections) and complete thetransaction. Again, the system provides for completion by the buyerand/or seller via the seller's browser/user interface 476 all thenecessary financing forms, etc., eliminating the time-consumingpaperwork that sellers must often undertake to complete a sale involvingfinancing, particularly when sellers typically deal with multiplelenders and have different paperwork for each.

Instead of proceeding to a seller, the buyer may instead (oradditionally) proceed to a lender or lenders to discuss financingoptions and continue the transaction session. The buyer may have alender simply pull up the information on the lender's browser, such asthe lender's browser user interface 422, to view and discuss loans orproduct(s) of interest, a specific loan or product pre-selected by thebuyer via the buyer's browser/user interface 460, or even the loans ofanother lender. Similarly as above with respect to the seller, the buyermay, this time with the assistance of the lender via the lender'sbrowser user interface 422, select a product(s) for purchase and a loan(or confirm previous selections) and complete the transaction. Onceagain, the system provides for completion by the buyer and/or lender viathe lender's browser/user interface 422 all the necessary financingforms, etc.

A buyer may also start the whole process without ever using the buyer'sbrowser/user interface 460. In other words, the buyer may proceeddirectly to a seller and/or lender to initiate a transaction session. Inthis case, the seller/lender may access the multi-seller sales portalsoftware 450 and/or the multi-lender loan (pre)approval software 410 andassist the buyer in entering the buyer's financial information andperform affordability analysis via their respective browsers/userinterfaces.

FIG. 5 is a system diagram illustrating a further embodiment of theonline, affordability-based purchasing system of FIG. 1. An originationsystem 520, an acquisition system 530, a multi-seller sales portalsoftware (S/W) 540, a non-integrated single seller sales software (S/W)550, a credit reporting/approval system software (S/W) 560, and anintegrated single seller sales software (S/W) 570 all interconnect tothe internet 599. A buyer can access all of the functionality of FIG. 5using a buyer's browser/user interface (I/F) 510.

The origination system 520 may contain, among other things, anorigination browser/user interface (I/F) 522 and a loan originationsoftware (S/W) 524. The acquisition system 530 may contain, among otherthings, an acquisition browser/user interface (I/F) 532 and anacquisition software (S/W) 534. The multi-seller sales portal software(S/W) 540 may contain, among other things, an affordability interface(I/F) 542 and a multi-seller interface (I/F) 544. The creditreporting/approval system software (S/W) 560 may contain, among otherthings, a credit reporting database (dB) 562, multiple lender profiles566, a loan approval engine 568 and a credit rating system engine 564 incertain embodiments of the invention. The non-integrated single sellersales software (S/W) 550 performs, among other things, a catalog andsales support function 552. The integrated single seller sales software(S/W) 570 performs, among other things, a catalog and sales supportfunction 572 and contains, among other things, an integratedaffordability interface (I/F) 574 and a seller's browser 576. Thefunctionality of the components in FIG. 5 may be similar to thatdiscussed above with respect to earlier figures.

The origination system 520 operates with any number of existing lendersintegrated into the system. For example, certain lenders target and seekcertain risk profiles representative of a certain class of buyers. Inaddition, the origination system 520 eliminates the paperwork that istypically executed to perform loan processing. The origination system520 may wait for verification of certain parameters provided by a buyer,such as verification of employment information. The acquisition system530 is operable to purchase loans from the origination system 520. Thecredit reporting/approval system software (S/W) 560 may be a singlesoftware system or a distributed software system. In addition, thecredit reporting/approval system software (S/W) 560 is operable togenerate anonymous credit reports for various users of the system. Thecredit reporting/approval system software (S/W) 560 is also operable todetermine the maximum value of a loan for which a buyer is approved. Themulti-seller sales portal software (S/W) 540 is operable to use themaximum loan value for which a buyer is qualified and beat that maximumloan value against an inventory of good(s) and/or service(s) for aseller or a selected number of sellers to determine which of thosegood(s) and/or service(s) the buyer can afford to finance.

In addition, a selected number of good(s) and/or service(s) are providedto the system, and the credit reporting/approval system software (S/W)560 is operable to perform different credit analysis as a function ofthe item for which the loan is being sought. For example, depending onwhether the loan is being sought to purchase an automobile, a home, orto repay revolving credit, the credit reporting/approval system software(S/W) 560 is operable to accommodate the different manner in whichparameters corresponding to the buyer are handled.

The non-integrated single seller sales software (S/W) 550 is operable toperform framing on non-integrated single sellers as requested by a buyerusing the system. For example, framing allows one web page to “frame”the contents of another web page. If desired, the non-integrated singleseller sales software (S/W) 550 surrounds the framed web page with otherinformation, as desired, by the various other functional blocks withinthe system. For example, a seller frames his own information, such asthe inventory of his own good(s) and/or service(s), using thenon-integrated single seller sales software (S/W) 550. The framingperformed in accordance with the present invention may be either dumb orintelligent. Intelligent framing extracts information from thenon-integrated single seller sales web site and processes that providedinformation, while the dumb framing simply displays the information fromthe non-integrated single seller sales web site.

In the system of FIG. 5, a buyer may use the buyer's browser to accessthe multi-seller sales portal software 540. The buyer may then use themulti-seller interface 544 to view various products of multiple sellers,including integrated (i.e., participating) sellers, such as thatrepresented by the integrated single seller sales software 570, andnon-integrated (i.e., non-participating) sellers, such as thatrepresented by the non-integrated single seller sales software 550. Inthe former case, as mentioned above with respect to FIG. 4, the buyer isable to view products that are within the inventories of the sellers andare available for purchase. In the latter, the buyer is only able toview products that are listed on the sellers website, which products mayor may not be available for purchase, depending upon how up to date thesellers' websites are relative to their actual inventories.

In either case, the seller may then perform affordability analysis viathe affordability interface 542 for all or a selected portion of theproducts, as mentioned above. In this situation, the multi-seller salesportal software 540 may access, via the affordability interface 542, thecredit reporting/approval system software 560 to perform the analysiswith multiple loans. The loan approval engine 568 uses the lenderprofiles 566, information provided by the buyer, and the creditreporting database 562 to determine the loans that are applicable forthe selected product(s). Specifically, the loan approval engine 568accesses the credit reporting database 562, to obtain buyer creditinformation. Alternatively, the loan approval engine 568 simply obtainsa credit rating for the buyer calculated by the credit rating systemengine 564, which may be part of the credit reporting approval systemsoftware 560 or part of the system of a third-party credit agency. Ineither case, the loan approval engine 568 uses the information obtained,as well as information provided by the buyer and the lender profiles566, to determine whether the buyer qualifies to purchase the selectedproduct for each of the multiple lenders' loans, as discussed above. Theresults of the analysis, i.e., the product(s) that the buyer can financeand the loans applicable to each, are communicated to the buyer fordisplay.

At this point, the buyer may select a product and a loan, and completethe purchase via the buyer's browser/user interface 510. If the buyerselects a loan, the buyer may access loan origination software of theselected lender. Specifically, for example, the buyer may access, viathe origination browser/user interface 522, the loan originationsoftware 524 in the origination system 520. The loan originationsoftware 524 provides to the buyer for completion via the buyer'sbrowser/user interface 510, all the necessary financing forms, etc., andprovides for buyer signature capture, similarly as discussed above.

The origination system 520 may be that of a single lender or part of aseparate system that services multiple lenders. In addition, thefunctionality of the origination system 520, the multi-seller salesportal 540, and the credit reporting/approval system software 560 may becombined into one or two components within the system.

After the buyer performs affordability analysis via the buyer'sbrowser/user interface 510, the buyer may suspend the transactionsession, and proceed to a seller or sellers to view product(s) ofinterest. The system saves the buyer's profile information andaffordability analysis results, so that the buyer may have a sellersimply pull up the information on the seller's browser, such as theseller's browser/user interface 576, to view and discuss product(s) orloan(s) of interest, a specific product or loan pre-selected by thebuyer via the buyer's browser/user interface 510, or even the productsof another seller. The buyer may then, with the assistance of the sellervia the seller's browser/user interface 576, select a product(s) forpurchase and a loan(s) (or confirm previous selections) and complete thetransaction. Again, the system provides for completion by the buyerand/or seller via the seller's browser/user interface 576 all thenecessary financing forms, etc.

Also, as mentioned above, the buyer may initiate a transaction sessionby proceeding directly to a seller and/or lender to initiate atransaction session. For example, the seller/lender may, via theirrespective browsers/user interfaces, access the multi-seller salesportal software 540 and assist the buyer in entering the buyer'sfinancial information and perform affordability analysis. Alternatively,the seller/lender may be integrated into the overall system, and be ableto perform affordability analysis via their own systems, rather thanthrough the multi-seller sales portal 540. Specifically, for example,the buyer may proceed to an integrated seller, such as that representedby the integrated single seller sales software 570, and performaffordability analysis using the seller's browser/user interface 576. Inthis situation, the seller, using the seller's browser/user interface574 and via the seller's integrated affordability interface 574,accesses the credit reporting/approval system software 560, whichperforms the affordability analysis as discussed above.

FIG. 6 is a system diagram illustrating an embodiment of a loanorigination and acquisition system in accordance with the presentinvention, which may be incorporated into the online,affordability-based purchasing system of the present invention, such asshown in FIG. 5 above, or may be a stand alone system. A loanorigination computing system 603 and a loan acquisition computing system650 both interconnect to the Internet 699. The loan origination system603, as well as the loan acquisition computing system 650, may be partof a lender's system, part of a separate system accessed by the lender(or buyer or seller) via the lender's browser/user interface, or mayeach be a part of separate systems of different lenders.

The loan origination computing system 603 itself may contain, amongother things, a loan software (S/W) 607. The loan software (S/W) 607itself may contain, among other things, an origination interface (I/F)610, a processing engine 620 having access to multiple profileparameters 622, a portfolio/profile manager 630, and a remote parameterretrieval function 640. The origination interface (I/F) 610 itself maycontain, among other things, a remote loan application entry function612 and a local loan application entry function 614.

The loan acquisition computing system 650 itself may contain, amongother things, an acquisition software (S/W) 655. The acquisitionsoftware (S/W) 655 contains at least a portfolio/profile manager 670, aparameter delivery function 680, and a remote offering interface (I/F)690. If desired, the acquisition software (S/W) 655 contains aprocessing engine 660 that employs multiple profile parameters 662. Theprocessing engine 660 employing the multiple profile parameters 662 maybe a parallel engine to the processing engine 620 employing the multipleprofile parameters 622.

The system of FIG. 6 provides for evaluation of the risk of issuing aloan to a buyer after considering all of the parameters represented bythe profile parameters 662, in such a way as to provide significantimprovement over conventional methods that employ human employees whoattempt to perform real time evaluation. The computer implementation ofthe invention does not limit the number of parameters that may beincluded in the risk evaluation that is performed for a specific buyer.

As mentioned above, the loan origination computing system 603 includesloan software 607 for analyzing risk and originating loans. The loanorigination interface 610 enables remote loan application entry 612 viathe browser/interface of other systems, and local loan application entry614, if, for example, the loan origination computing system 603 isincorporated into a lender's system. The processing engine 620 uses theinformation provided via the origination interface 610 and the profileparameters 622 to evaluate whether the buyer should be approved for aloan, similarly as discussed above.

In addition, the processing engine 620 may likewise retrieve remoteparameters via remote parameter retrieval 640 that are delivered by theloan acquisition computing system 650 via parameter delivery 680. Theprocessing engine 620 may then use this information to determine whetheror not to approve the buyer. In some cases as such, origination maydepend, at least partially, on whether or not the loan fits withinparameters of loans previously purchased by the lender or some otherentity, or those that the lender or other entity has been successful inselling in the past. This information may be generated/maintained by theportfolio/profile manager 670.

The loan software 607 may also include a portfolio/profile manager 630.The manager 630 keeps track of the portfolio of loans, and theirrespective profiles and buyer information, being carried by the lender,which information may also be considered in evaluating the relativerisks of issuing a loan to a particular buyer. If, for example, thebuyer's financial condition and loan requested matches those of otherswithin the lender's portfolio that are deemed desirable (e.g., low risk)by the lender, the lender may consider this information in determiningapproval or the amount the lender is willing to finance.

The information may also be used to determine whether or not a lendershould sell any loan being carried by the lender. If the lender approvesa buyer for a loan, or previously acquired that loan, theportfolio/profile manager 630 may evaluate that buyer/loan relative toothers within the lender's portfolio to evaluate the relative risks ofcontinuing to carry that loan. If the manager 630 determines that therisk is too high, it may designate the loan as one that should be soldby the lender. The manager 630 may also evaluate loans within thelender's portfolio, and use loan history to modify the profileparameters used by the lender, as necessary, in order to lower risk orincrease origination while maintaining low risk.

The loan acquisition computing system 650 includes acquisition software655 that may be used by a lender (or other entity) to acquire loansdeemed desirable and to sell loans deemed undesirable. The acquisitionsoftware 655 includes a portfolio/profile manager 670 that keeps trackof the portfolio of loans, and their respective profiles and buyerinformation, being carried by the lender, which information may beconsidered in evaluating the relative risks of acquiring certain loansand desirability of selling certain loans.

The acquisition software 655 also includes a remote offering interface690 for sending or receiving loan acquisition offers. For example, theacquisition software 650 may receive, in response to a request orotherwise, an offer to sell a particular loan. The acquisition software655 may include a processing engine 660 that uses profile parameters622, and, if desired, information generated/maintained by theportfolio/profile manager 670 to analyze relative risks and determinewhether the offered loan is approved for acquisition. Alternatively, theacquisition software 655 uses information generated by a remoteprocessing engine, such as processing engine 620, and/or informationgenerated/maintained by the portfolio/profile manager 670, to analyzerelative risks and determine whether the offered loan is approved foracquisition.

The loan acquisition software 655 may also communicate, via the remoteoffering interface 690, a request to acquire certain loans. Theacquisition software 655 delivers the required parameters via parameterdelivery 680 to, for example, the loan origination computing system 603,which retrieves the parameters via remote parameter retrieval 640 anduses the parameters retrieved to determine whether or not any of theloans in the profile meet those parameters. If at least one does, andthe loan origination computing system 603 desires to sell the identifiedloan(s), the loan acquisition computing system 650 completes thetransaction with the loan origination computing system 603, assuming theterms of sale are otherwise acceptable.

In addition, the system of FIG. 6 enables a user (e.g., a buyer, lenderor seller) to define an interest rate, decide whether to increase ordecrease a down payment, or to increase or decrease the number of monthsof the term of the loan, among other parameters, dealing with theapproval of the loan for a buyer. This allows for intelligent advising,where suggestions are made to the buyer to assist the buyer indetermining what loan parameters should be changed so that the buyer canqualify for a loan having a larger maximum ceiling. For example, incertain cases, the re-payment of a predetermined amount of a buyer'sexisting revolving debt will significantly increase the maximum loan forwhich the buyer will qualify.

FIG. 7 is a system diagram illustrating yet another embodiment of theonline affordability-based purchasing system of FIG. 1. An originationcomputing system 710, a credit reporting service 720, a single ormultiple lender's system(s) 740, a loan affordability computing system750, and a the web sales site 760 all interconnect to the internet 799.A client using the system can access all of the components of the systemusing a browser/user interface (I/F) 732, which may be contained within,for example, a client computer 730.

The origination computing system 710 may contain, among other things, anorigination software (S/W) 711. The origination software (S/W) 711 maycontain, among other things, an origination interface (I/F) 712, aprocessing engine 715, a portfolio manager 717, and a remote parameterdelivery function 718. The origination interface (I/F) 712 itself mayperform, among other functions, a remote loan application entry function713 and a local loan application entry function 714. The processingengine 715 itself may contain, among other things, multiple profileparameters 716. The credit reporting service 720 itself may contain,among other things, a rating system engine 722. The rating system engine722 itself may perform, among other functions, a sales categoryconsideration function 724 and a requested format consideration function726. The origination computing system 710 may have the same or similarfunctionality as the loan origination computing system 603 of FIG. 6.

The loan affordability computing system 750 itself may contain, amongother things, an affordability software (S/W) 751. The affordabilitysoftware (S/W) 751 itself may contain, among other things, a processingengine 752, an origination interface (I/F) 757, and a credit ratingsystem interface (I/F) 758. The affordability software (S/W) 751 itselfmay perform, among other functions, a remote parameter retrievalfunction 756. The processing engine 752 itself may contain, among otherthings, multiple profile parameters A 753, multiple profile parameters B754, and multiple profile parameters N 755. The web sales site 760itself may contain, among other things, an affordability interface (I/F)software (S/W) 762. The affordability interface (I/F) software (S/W) 762itself may perform, among other things, a pricing system integrationfunction 764 and a purchase completion integration function 766.

The interconnection between the credit reporting service 720 and theInternet 799 may be a low bandwidth connection in certain embodiments ofthe invention. The credit reporting service 720 may generate a specifictype of report or rating, using the sales category consideration 724component of the credit rating engine 722, pertaining to the type ofgood(s) and/or service(s) for which financing is sought. For example,the credit reporting service 720 can handle different types of good(s)and/or service(s) in different manners to ensure that the maximum loanvalue for those specific good(s) and/or service(s) is found. Whendealing with different good(s) and/or service(s), such as an automobileor a home, or with repayment of revolving credit, the creditreporting/service 720 is operable to accommodate the different manner inwhich parameters corresponding to the buyer are entered.

In addition, the credit reporting service 720 may provide for anonymityin the loan approval process. When a buyer uses conventional methodsemployed in purchasing good(s) and/or service(s), such as automobiles,whenever a loan analysis is performed wherein the buyer is deniedfinancing, the buyer receives an undesirable rejection on his personalcredit history. If a buyer goes from one provider of good(s) and/orservice(s) to another and the buyer is continually rejected forfinancing, the buyer's personal credit history can be significantlycompromised. In response to the requested format consideration 726component, the credit reporting service 720 may provide to the buyermultiple, anonymous credit reports, if so requested by the buyer. Inaddition, a full credit report is sent to a seller's system, as shown inthe various embodiments of the system, but only after the buyer's loanhas been approved.

In addition the credit reporting service 720 may, in response to therequested format consideration 726 component, generate only a creditrating and nothing else, if requested by the client. For example, thecredit reporting service 720 does not generate a large file having allof the buyer's account information listed. Rather, the credit reportingservice 720 generates only a single value indicative of the buyer'scredit rating. This reduction of information provides for a significantsavings of bandwidth within the system.

In the system of FIG. 7, a client, such as a buyer, for example, usesthe browser/user interface 732 of client computer 730 to access a websales site 760 of a single seller or one that interfaces with multiplesellers. The buyer can view products and then select a product orproducts to perform an affordability analysis. The buyer may, forexample, select a button or icon on the web sales site 760, whichvectors the buyer to the loan affordability computing system 750. Thebuyer then uses the affordability software 751 and information providedvia the affordability interface software 762 to perform affordabilityanalysis, as discussed above.

For example, the processing engine 752 may access the credit reportingservice 720, via the credit rating system interface 758, to obtain abuyer credit rating. The processing engine 752 then uses the creditrating obtained, pricing information from pricing system integration 764component, and the profile parameters of multiple lenders stored inmemory, for example, to determine the product(s) that the buyerqualifies to purchase and the loan(s) applicable to each. The processingengine 752 may also retrieve, via the remote parameter retrieval 756component, remote parameters of other lenders, which parameters may belocated in the origination computing system 710 or the lender'ssystem(s) 740, to consider the loans of those lenders in the analysis.The remote parameter retrieval 756 component may also be used to obtainupdated parameter information from multiple lenders so that the loanaffordability computing system 750 may update the multiple profileparameters used by the processing engine 752. In either case, the remoteparameter retrieval 756 component may interface with a remote parameterdelivery component, such as remote parameter delivery 718 component oforigination computing system 710 or that of the lender's system(s) 740.

Once the buyer performs the affordability analysis, the buyer may selecta product and a loan, and complete the purchase. The affordabilitysoftware 751 may access the origination computing system 710 via theorigination interface 757, and the origination computing system 710 mayoriginate the loan, similarly as discussed above. The web sales site 760includes purchase completion integration 766 so that the buyer canpurchase the selected product from the web sales site 760, using theloan originated via the loan affordability computing system 750.

FIG. 8 is a system diagram illustrating a still further embodiment ofthe online, affordability-based purchasing system of FIG. 1. The systemof FIG. 8 illustrates one embodiment of the invention wherein certainlenders need not necessarily directly participate with the system, yettheir information is nevertheless provided to a user. A partiallyintegrated origination system 810, an independent origination business801, a fully integrated origination system 840, an integrated web salessite 802, and an affordability software (S/W) 870 all interconnect tothe Internet 899.

The partially integrated origination system 810 itself may contain,among other things, an origination software (S/W) 811. The originationsoftware (S/W) 811 itself may contain, among other things, anorigination interface (I/F) 816, a processing engine 820, and aportfolio/profile manager 830. The processing engine 820 itself maycontain, among other things, multiple profile parameters 822.

The fully integrated origination system 840 itself may contain, amongother things, an origination software (S/W) 841. The originationsoftware (S/W) 841 itself may contain, among other things, anorigination interface (I/F) 846, a processing engine 850 having multipleprofile parameters 852, a portfolio/profile manager 860, and a remoteparameter delivery function 862. The affordability software (S/W) 870itself may contain, among other things, a processing engine 871, alender interface (I/F) 892, that may perform, among other things, aremote parameter retrieval function 890, and a credit rating systeminterface (I/F) 894.

The processing engine 871 utilizes confirmed parameters 872 and manuallyentered parameters 882. The confirmed parameters 872 contains multipleprofiles, as illustrated by multiple profile parameters A 873, multipleprofile parameters B 874, and multiple profile parameters N 875,corresponding to different lenders integrated into the system, such as,for example, that represented by fully integrated origination system840. The parameters of integrated systems as such may be deliveredremotely, via a remote parameter delivery function, such as remoteparameter delivery 862 function of system 840. The affordabilitysoftware 870 uses the parameters delivered to update the confirmedparameters 872. The affordability software 870 may also retrieve suchparameters, via the remote parameter retrieval 890 function, andsimilarly update the confirmed parameters 872. Since the confirmedparameters are those of integrated lenders, they do not need separateconfirmation before loan origination.

The manually entered parameters 882, illustrated by manually enteredparameters A 883, manually entered parameters B 884, and manuallyentered parameters N 885, are those of non-integrated lenders, whichparameters are manually entered. Parameters as such should be confirmedwith the relevant lender before loan origination to determine whetherthey are still valid.

The independent origination business 801 is illustrative of onebusiness, which may also be a provider of good(s) and/or service(s),that is not directly integrated nor participating in the system. Theparameters for such an independent origination business may be addedmanually to the system. The integrated web sales site 802 isillustrative of a business that is fully integrated, or participating,in the system. A client may therefore access the affordability software870 via the integrated web sales site 802.

The multiple profile parameters 822 within the processing engine 820 arepulled, not pushed. However, the multiple profile parameters 852 withinthe processing engine 850 are pushed within the system. The effects ofany changes of the multiple profile parameters 852 within the processingengine 850 take effect immediately due to the full integration of thefully integrated origination system 840. The confirmed parameters 872within the affordability software (S/W) 870 are confirmed to be exactlythose parameters corresponding to various lenders. The manually enteredparameters 882 within the affordability software (S/W) 870 are enteredmanually after verifying, if desired, that the parameters are actuallyindicative and representative of the parameters provided by the variouslenders cooperating with the system. Also, the processing engine 871within the affordability software (S/W) 870 performs actualaffordability analysis, and it is operable to perform estimatedaffordability analysis wherein a full credit report is not generated ifnot all of the parameters are available.

FIG. 9 is a system diagram illustrating another embodiment of theonline, affordability-based purchasing system of FIG. 1 that utilizes anaffordability portal. An origination software (S/W) 902, a browsersoftware (S/W) 904, an affordability software (S/W) 906, a creditreporting service 908, a number of independent web sales sites 950, anaffordability portal software (S/W) 910, and a number of integrated websales site softwares (S/Ws) 960 all interconnect to the internet 999.

The affordability portal software (S/W) 910 itself may contain, amongother things, a number of integrated site listings 917, a search engine918, and a number of browser framing configurations 912 each having apricing interface (I/F) 913 and a payment interface (I/F) 914. Theintegrated web sales site software (S/W) 960 itself may contain, amongother things, an affordability interface (I/F) 970. The affordabilityinterface (I/F) 970 may have, among other things, pricing systemintegration 972 and a purchase completion integration 974.

The affordability portal software (S/W) 910 is operable to serve as afront end for a number of different sellers. The affordability portalsoftware (S/W) 910 serves to provide a buyer using the system, access toa number of different sellers providing various good(s) and/orservice(s). The affordability portal software (S/W) 910 also is operableto perform framing for any of the various independent web sales sites950. Again, the framing performed here may be intelligent or dumb. Forexample, the framing may extract information from certain of the variousindependent web sales sites 950, or may simply display the informationprovided from certain of the various independent web sales sites 950.The extracted information in the intelligent framing embodiments of theinvention is used by the affordability software (S/W) 906 to performanalysis for loan approval and loan acquisition by a buyer using thesystem.

The origination software 902 affordability software 906 and the creditreporting service 908 may have the same functionality of similarcomponents discussed above.

In the system of FIG. 9, a buyer may, via the buyer's browser software904 access the affordability portal software 910, which containsintegrated site listings 917. The buyer may access the integrated siteslisted, or perform a search of all sites, integrated or independent,using the search engine 918.

When a buyer accesses an integrated site, such as that represented bythe integrated web sales site software 960, the buyer may perform anaffordability analysis using the affordability software 906. Theaffordability interface 970 enables pricing information to be accessedby the affordability software 906, and enables the purchase to becompleted, via the affordability portal 910, if desired, using a loanoriginated via the origination software 902.

When a buyer desires to purchase a product from an independent web salessite 950, the affordability software 910 frames pricing and paymentinformation, via the pricing interface 913 and payment interface 914,respectively. The pricing information obtained may be used to perform anaffordability analysis using the affordability software 906. The paymentinterface 914 may be used to complete a purchase of a product from theindependent web sales site 950 via the affordability portal software910.

FIG. 10 is a functional block diagram illustrating one embodiment ofonline, affordability-based filtering performed in accordance with thepresent invention. In a block 1010, credit information is collected.Subsequently, in a block 1020, a predetermined number of credit reportsare retrieved. The credit reports are contained within any of thelocations for storage of credit reports in any of the variousembodiments of the invention. Then, in a block 1030, an approvaldecision criterion is generated or constructed. If desired, multipleapproval decision criteria may be generated or constructed in the block1030. Then, in a block 1040, loan applications are delivered to allapplicable integrated lenders that operate independently. Thoseintegrated lenders that do not operate independently, but that operatewithin the system performing the method 1000, automatically receive loanapplications corresponding to the buyer.

Then, in a block 1050, qualification and qualification parameters aredetected for all proxy lenders. Examples of qualification parametersinclude interest rate of a loan, the term of a loan, and the downpayment to be paid for the loan. For all of the lenders that are notintegrated, the qualification and qualification parameters correspondingto those lenders are estimated in a block 1060. If desired, in a block1070, the loan information is constructed/ordered and displayed to abuyer. Here, the system may display such information as whether thelocal area network is approved, the particular lenders from whom thebuyer can secure financing, and other information pertaining to thesecuring of a loan for the buyer. Finally, in a block 1080, thequalification parameters that are either detected in the block 1050 orare estimated in the block 1060 are used to filter the offering.

FIG. 11 is a functional block diagram illustrating another embodiment ofonline, affordability-based filtering performed in accordance with thepresent invention. The method 1100 provides for the option of selection.In a block 1110, all of the available good(s) and/or service(s) areprovided for selection. Then, when an affordability request 1115 ismade, the method proceeds to collect credit information in a block 1120.Subsequently, in a block 1130, a predetermined number of credit reportsare retrieved.

Then, in a block 1140, an approval decision criterion is generated orconstructed. If desired, multiple approval decision criteria may begenerated or constructed in the block 1140.

Then, in a block 1150, loan applications are delivered to all applicableintegrated lenders that operate independently. Those integrated lendersthat do not operate independently, but that operate within the systemperforming the method 1100, automatically receive loan applicationscorresponding to the buyer. The delivering of the loan applications inthe block 1150 may be performed with or without selection information.For example, the information provided to the applicable lenders thatoperate independently may or may not contain any information pertainingto any selection of good(s) and/or service(s) performed in the block1110.

Then, in a block 1160, qualification and qualification parameters aredetected for all proxy lenders. Examples of qualification parametersinclude interest rate of a loan, the term of a loan, and the downpayment to be paid for the loan. For all of the lenders that are notintegrated, the qualification and qualification parameters correspondingto those lenders are estimated in a block 1170. Again, this can be donewith or without selection information. Then, in a block 1180, the loaninformation is constructed/ordered and displayed to a buyer. The systemmay display such information as whether or not the local area network isapproved, the particular lenders for whom the buyer can securefinancing, and other information pertaining to the securing of a loanfor the buyer. Finally, while not shown in FIG. 11, the qualificationparameters that are either detected in the block 1150 or are estimatedin the block 1160 may be used to filter the offering.

FIG. 12 is a block diagram illustrating exemplary operation of oneembodiment of an online, affordability-based purchasing system built inaccordance with the present invention. Using a buyer's browser 1201, abuyer may interact via a communication network 1203, such as Internet oran intranet, with an affordability-based web server 1205. As previouslydescribed, such interaction may involve affordability screening of goodsor services offered by one or more sellers that the buyer cannot affordto finance. A lender, via a lender's browser 1211, may interact with theaffordability-based web server 1205 to establish, monitor, and modifyfinance offerings used in the affordability screening by theaffordability-based web server 1205. Although a seller's server 1209 andthe seller's affiliates server 1215 may store their respective goods orservices catalogs 1213 and 1217, respectively, such catalogs mayalternatively or additionally be stored by the affordability-based webserver 1205 within a multi-seller database 1207 or by a third partysystem (not shown). Similarly, the affordability-based web serverfunctionality may exist on the seller's web server 1209 with anaffordability module 1223. A plurality of sales agents interact with theonline, affordability-based purchasing system through browsers such asthe sales agent browsers 1219 and 1221. The sales agent browsers 1219and 1221 may interact via a direct link to the communication network1203 or indirectly via the seller's web server 1209.

As previously described, the affordability-based web server 1205maintains within a buyer's profile the entire purchasing and salestransaction through a single or multiple sessions established,continued, and closed at any of the buyer's, lender's or sales agentbrowsers 1201, 1211, or 1219. For example, the buyer may initiate thepurchasing transaction at home on the buyer's browser 1201, receive anaffordable list of goods or services via the affordability-based webserver 1205, and then postpone the transaction for several days.Thereafter, the buyer may visit an identified lender and continue thetransaction session with the lender's assistance via the lender'sbrowser 1211. The lender may not only give the buyer advice regardingfinancing, but may also direct the buyer in the selection of a seller'sgood or service, in effect acting as a seller's agent. Again, the buyermay decide to postpone completing the transaction for several more days.Upon visiting a sales agent, the buyer may inspect the goods or servicesand close the transaction with the assistance of the sales agent on thesales agent browser 1219.

Not only can the sales agent attempt to convince the buyer to purchasegoods or services from that seller's current inventory or offerings, thesales agent may also attempt to sell goods or services from anaffiliates goods or services catalog 1217 via the affordability-basedweb server 1205. Similarly, the sales agent may assist the lenderassociated with the lender's browser 1211 by convincing the buyer toselect a financing offering from such lender over other lenders offeringfinancing via the affordability-based web server 1205.

In addition to the multiple session online process described above, thesales agent may also, or alternately, interact via telephone with thebuyer and/or the lender while one or more of the parties are viewingvarious aspects of the current transaction as retrieved from theaffordability-based web server 1205.

The sales agent via the sales agent browser 1219 can also attempt toup-sell or down-sell the buyer if the opportunity proves moreprofitable. For example, the sales agent may determine, by viewing thebuyer's affordability screening of their present inventory, that thebuyer could afford to finance a much more expensive product. Throughconventional sales techniques, such as promotional incentives or pricingadjustments, the sales agent may convince the buyer to complete thetransaction, or to complete a transaction based on another good orservice. The sales agent may also convince the buyer to selectadditional goods or add-ons, such as maintenance packages, insurance,etc., comfortably knowing that the buyer can afford the financing.

The sales agent may also use the affordability-based web server 1205 toidentify the highest profit purchasing transaction for the buyer. Forexample, a more expensive good may require a finance offering thatproves to be not as profitable to the sales agent as a slightly lessexpensive good because of alternate financing that is more favorable tothe sales agent due to higher origination point allocations from a givenlender.

FIG. 13 is a flow diagram illustrating various functionality of theonline, affordability-based system of FIG. 12, as used by a sales agentupon a buyer's visit. At a block 1301, a sales agent, via the salesagent's browser, e.g., sales agent browsers 1219 or 1221 of FIG. 12,collects standard buyer information such as the buyer's name, address,social security number, monthly sources of income, monthly housingcosts, etc. Such information is submitted to the affordability-based webserver 1205 which, at a block 1303, establishes a buyer's profile andperforms an affordability search on the seller's current goods orservice offerings. The sales agent may view on the sales agent's browsersuch goods or services and the associated financing options offered. Thesales agent may also view whether standard options and add-ons willcause the buyer to lose financing or favorable financing offerings.

The affordability-based web server 1205 also calculates the financingprofit margin for both the lender and the seller for origination of thefinancing. Applications may also be written specifically for the salesagents to calculate the overall profit margin for each of the seller's“affordable” goods or services. By quickly glancing through the profitmargins, the sales agent can identify the good or service to attempt tosell to the buyer. Similarly, the affordability-based web server 1205will calculate the bests deal for the buyer at a block 1307, and thebest deal for a lender at a block 1309. The highest profit or “bestdeal” for the seller, buyer, and lender may be displayed by the salesagent at a block 1311. The sales agent may review or print such andother “tip” information at a block 1313.

The functionality described with reference to FIG. 13 may also beapplied by the sales agent for a buyer that begins the transactionhimself/herself online through a buyer's browser or with a lender'sassistance. Such continued efforts in the buyer's purchasing transactioncan occur when the buyer visits the seller in a face-to-faceinteraction, when the buyer is on the telephone, or in response toreceipt of the transaction information from the affordability-based webserver 1205. Internet based interaction between the buyer and seller mayalso or alternatively be established between the parties to assist theseller in closing the deal.

Ordinarily, without the affordability-based purchasing system of thepresent invention, a sales agent might only have access to several or adozen or so lenders. Such limits occur for many reasons, including theseller's desire to focus on few lender's to develop a preferred businessrelationship therewith, or because increasing the number of lenders willmake a sales agents efforts too complex and time consuming with theassociated calculations needed to determine whether financing isavailable for a particular buyer for a particular good or serviceoffered. In fact, often times, the seller will forego all selleroriginated financing because the effort is not justified in view of thepurchase price of the good. However, with the online,affordability-based purchasing system doing all of the calculations formany lenders automatically, a seller of a relatively inexpensive goodmay find purchasing with financing a more viable option. Similarly,current sellers having a single or only a few lenders through which theyconduct financing, will easily be able to extend their financing optionsusing the aspects of the affordability-based purchasing system of thepresent inventions.

Even so, the affordability-based web server will permit a seller toselect only a subset of the available participating lenders for sellingits goods or services. For example, a seller may choose to offer itsgoods or services via the affordability-based web server in associationwith a single lender selected from the plurality of participatinglenders. Having done so, when a buyer interacts with theaffordability-based web server via their browser, the buyer will onlyreceive the seller's goods or services that are affordable throughfinance offerings from that selected lender.

Of course, the seller may choose to lift the restriction to expose itsgoods or services to finance offerings of the other of the plurality ofparticipating lenders upon contact with the buyer in an effort tocomplete the transaction. The seller may also use this strategy toattempt to displace a finance offering selected by a buyer from theseller's “preferred list” by considering the other of the participatinglenders.

For example, referring to FIG. 12, the buyer may initiate a transactionvia a buyer's browser 1201 by interfacing with the affordability-basedweb server 1205. The affordability-based web server 1205 responds to thecredit information captured from the buyer or retrieved from the buyer'sprofile to screen goods or services offered by the seller that theseller's preferred list of lenders will not finance. The buyer, via thebuyer's browser 1201, may then select one of the offered goods orservices along with a particular finance offering before contacting asales agent. In an attempt to close the transaction or increase theseller's profit, the sales agent via the sales agent browser 1219 maylift the lender's restriction and have the affordability-based webserver 1205 respond with additional finance offerings for the selectedgood or service.

Likewise, when a buyer visits a lender, the lender via the lender'sbrowser 1211 may lift a seller's lender restrictions to add thatlender's particular financing offerings when considering the seller'scurrent goods or services offerings. In fact, the lender, via thelender's browser 1211, may restrict the affordability-based web server1205 to only consider that lender's finance offerings when determiningthe affordability of the seller's goods or services.

In view of the above detailed description of the present invention andassociated drawings, other modifications and variations will now becomeapparent to those skilled in the art. It should also be apparent thatsuch other modifications and variations may be effected withoutdeparting from the spirit and scope of the present invention.

1. An online affordability-based purchasing system comprising: at leastone web page presenting product information regarding a plurality ofproducts offered for sale online; and a server responding to input ofpersonal information about a buyer causing financing parameterinformation regarding at least one financing vehicle to be obtained, thefinancing parameter information and at least a portion of the personalinformation being used by a software engine to automatically identify atleast one of the plurality of products for which the buyer is at leastlikely to be approved to purchase using the at least one financingvehicle.